United Metal Products, a Detroit metal stamping and forming business which primarily supplies the auto industry, received assistance from the Michigan Economic Development Council allowing United Metal Products to secure loans totaling USD 2.6 million. The MEDC assistance came through USD 1.5 billion of federal funding from the Small Business Credit Initiative bills, sponsored by Congressman Mr Gary Peters and passed into law in October 2010, to provide what small business has been sorely lacking in this economy, access to financing for expansion, diversification and job creation.
On January 14th 2011, US Treasurer Mr Rosie Rios, Governor Mr Rick Snyder, Congressman Mr Gary Peters, Senator Mr Debbie Stabenow and a number of state and local legislators met at United Metal Products' Detroit facility to celebrate the successful attraction of federal dollars, from the State Small Business Credit Initiative, in support of the innovative credit enhancement programs created in Michigan. The funding from this legislation is a success story for United Metal Products, which allowed the company to diversify by acquiring Applied Manufacturing & Engineering International Inc, a Shelby Township defense contractor, diversify its customer base and create more jobs.
Mr Leonard MacEachern CEO of United Metal Products said that "We're financially sound, but no banks were willing to listen to us. The banks had redlined Detroit, southeast Michigan and the state. It was very difficult to obtain any type of financing."
In 2010, United Metal Products owners, Mr Leonard MacEachern and Mr Michael Mattei, were able to obtain more than USD 2.5 million in bank loans because of these vital loan assistance programs, including the Michigan Supplier Diversification Fund developed by the MEDC.
Mr William Heritage attorney of the Law Firm of Giarmarco, Mullins & Horton said that "Securing this funding allowed United Metal to fund further expansion of its business as well as move forward with its plans to diversify by acquiring AME International, a military defense contractor. This financing allowed Leonard and Mike to remain competitive, retain 35 jobs between the two companies and add 6 new jobs."
